Tax season is coming. If you have a Health Savings Account (HSA), you’re probably already aware of the great tax benefits that come with it. But there are also some key HSA tax forms you should be aware of so you can make sure you have your finances in order before April 15.
To decide between an HRA and an HSA, you’ll have to answer the following questions for your unique situation: - Why do I want to use one? - What will put me and/or my family in the best health and financial situation? - Do the rewards of either account outweigh the potential risks or vice versa?
COVID-19’s influence on 2020 HSA spending and healthcare costs was significant. Even with so much uncertainty and change, one element remained steady in 2020—Americans continued to use their HSA how it was intended: for standard, yearly medical expenses. 86% of annual HSA spending is being used for expected costs and routine visits.
When you get married, you often start to think of yourselves as a family. But whether or not it makes sense to buy health insurance as a family will depend largely on your individual situation. Take the time to explore all of your options before making a decision.
How do you explain a CDHP to clients for the first time? The first step is likely to search for definitions and the essential requirements, rules, and facts. That takes time away from building your book of business. To help cut down on the time spent gathering the essentials of CDHPs, we’ve created this quick-reference visual guide.
Health savings accounts can be a great way to save money, but they do have some particular rules you have to follow. If you go over HSA contribution limits for the year, that money is considered an excess contribution. There are a few ways to deal with excess contributions, so you can choose the right option for your situation.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.